Idaho's commercial real estate market is experiencing a significant wave of activity, with numerous leases, renewals, and sales recently finalized across Boise, Meridian, Ketchum, and other key areas. These transactions span the retail, industrial, and office sectors, signaling sustained business confidence and economic growth throughout the state.
Deals involving national brands like Mattress Firm and H&R Block, alongside local enterprises and industrial firms, highlight the diverse demand for commercial space. Brokerage firms including TOK Commercial, Cushman & Wakefield, and Summit Commercial Real Estate Group have been instrumental in facilitating these agreements.
Key Takeaways
- A high volume of commercial real estate transactions has been recorded in key Idaho cities, including Boise, Meridian, and Ketchum.
- Activity is spread across multiple sectors, with significant leases in industrial, retail, and office spaces.
- National retailers like Mattress Firm and H&R Block have secured new leases, indicating continued investment in the region.
- Numerous lease renewals from existing businesses suggest strong operational stability and a favorable local business climate.
- Property sales, including a 5,000-square-foot building in Hailey, show active investment in physical assets.
Boise Market Buzzes with Diverse Leases and Renewals
The state capital, Boise, has been a focal point for much of the recent commercial real estate movement. The transactions reflect a healthy mix of office, industrial, and retail activity, catering to a wide range of business needs.
In the retail sector, H&R Block Enterprises, LLC, secured a 999-square-foot space in the Hillcrest Shopping Center on Overland Road. This lease was handled by Holly Chetwood and JP Green of TOK Commercial for the landlord, with Summit Commercial Real Estate representing the tenant.
The industrial sector also saw significant deals. Long Building Technologies, Inc., leased an 8,380-square-foot property at 351 N Mitchell Street. Cushman & Wakefield represented the tenant, while TOK Commercial represented the landlord in this substantial agreement.
A Hub for Industry and Technology
Boise's economy benefits from a diverse base that includes technology, manufacturing, and professional services. This diversity drives demand for different types of commercial properties, from large industrial warehouses to modern office spaces downtown, as reflected in the recent transaction data.
Office and Industrial Spaces in High Demand
Lease renewals indicate that businesses are choosing to remain and grow in Boise. NxEdge renewed its lease on a large 16,484-square-foot space at 800 W Diamond Street. Tenant Realty Advisors represented NxEdge, with TOK Commercial acting for the landlord.
Several other businesses also signed agreements for space in the city:
- Cochran, Inc., leased 4,570 square feet of industrial space at the South Cole Industrial Center.
- First Coast Security Services, Inc., took on a 456-square-foot space on West Overland Road.
- Black Sheep Engineering, Inc., leased 1,757 square feet in a downtown building at 404 S 8th Street.
Downtown Boise continues to attract service-oriented businesses. Spa Urbana leased a 2,344-square-foot space at 223 N 6th Street, a building that also saw lease renewals from Salmon River Wellness, LLC, and Michael Larsen, each for 263 square feet.
Meridian and Nampa Expand with Retail and Industrial Growth
The city of Meridian, one of the fastest-growing areas in the country, is a hotbed for new development and commercial leases. The recent activity is heavily concentrated in the retail and industrial sectors, accommodating both national chains and local service providers.
A major retail lease was signed by Mattress Firm, which secured a 4,000-square-foot location at the Discovery Development on South Ten Mile Road. This transaction was facilitated by Summit Commercial Real Estate Group and Western Retail Advisors.
Smaller, local-focused retail is also thriving. Everlasting Permanent Jewelry leased nearly 900 square feet in the Modern Craftsman Retail Center, and Joy Nails & Spa, LLC, leased a 1,456-square-foot space on Ustick Road.
Industrial Corridors Are Key
The cities of Meridian and Nampa are crucial hubs in the Treasure Valley's industrial and logistics network. Proximity to major transportation routes like Interstate 84 makes them ideal locations for distribution, manufacturing, and service-based industrial companies.
Industrial and Office Renewals Signal Stability
In nearby Nampa, the Franklin Business Center saw two significant lease renewals. Ardent Industries renewed its lease on 5,675 square feet of industrial space, while Scales NW renewed for 2,728 square feet. Both deals were facilitated by TOK Commercial.
Meridian's office market is also active. Remedy Counseling renewed its 2,980-square-foot lease in the Cedar Springs Professional Park. Additionally, TVR, Inc., leased a large industrial property of 10,238 square feet, which also included 8,686 square feet of yard space on East Schiller Lane.
Ketchum and Hailey See Strong Investment Activity
The Wood River Valley, including the communities of Ketchum and Hailey, has also demonstrated a dynamic commercial real estate market, with a mix of leases and outright property purchases.
Several businesses have found new homes in Ketchum:
- Soundwave, Inc., leased 2,784 square feet in the Kneeland Gallery Building.
- Tonic Method Pilates secured a 971-square-foot space on North East Avenue.
- The Foot Foundry leased 1,186 square feet on North Leadville Avenue.
All three of these Ketchum-based transactions were handled by Paul Kenny & Matt Bogue Commercial Real Estate, which represented both the landlords and the tenants.
Property Purchases Underscore Investor Confidence
Beyond leases, the area has seen several significant property sales, indicating long-term investment in the region. In Hailey, Wood River Roofing purchased a 5,000-square-foot building on Aviation Drive, and Pipeco purchased a 6,909-square-foot building on Glenbrook Drive.
Perhaps most notably, the City of Ketchum itself invested in property, purchasing a 2,500-square-foot building at 291 N 2nd Avenue. According to reports, Paul Kenny & Matt Bogue Commercial Real Estate was involved in representing the parties in all three of these sales transactions.
Statewide Activity Points to Healthy Economy
The flurry of commercial real estate deals extends beyond the Treasure Valley and Wood River Valley. In Idaho Falls, Flowers Baking Co of Utah, LLC, leased a substantial 10,000-square-foot property on South Capital Avenue, a deal involving agents from Cushman & Wakefield and TOK Commercial.
In Star, Rock and Armor Physical Therapy and Sports Performance, LLC, leased a 3,220-square-foot space on West Bounty Lane. This diverse range of transactions, from small retail shops to large industrial facilities, paints a picture of a resilient and growing Idaho economy. The consistent pace of both new leases and renewals suggests that businesses are not only entering the market but are also finding the conditions favorable for long-term success.
